The volatility of the crypto space has made gaining wealth in the 21st century easy. It is easy to invest at a low price and make a profit at high. But we all know this won’t work. Regardless, you are already searching for a coin you can buy out of the over 10,000 cryptocurrencies in the market and go ahead to plan your retirement. You’ve managed to find a list.

But, let’s not forget about the coins on your list. I’d like to introduce you to NEAR Protocol. Before you make the big step, think about these five points. Let’s first discuss the basics of Near Protocol.

NEAR Protocol is a third-generation blockchain launched in 2017 by Alexander Skidanov and Illia Polosukhin. It was originally a machine-learning platform. It is now a network that rewards computers who use the platform. It was designed to increase transaction speeds, improve throughput, and help compatibility.

It’s a foundation layer that allows for the creation of decentralized applications. It is more sustainable than other blockchains and can be used to create decentralized applications. The NEAR Protocol is designed to transform systems and change how people use the internet.

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1. NEAR Protocol is available and usable

NEAR Protocol, a community-run platform that allows for the development and operation dApps, is a decentralised platform. It’s a database that is decentralized and a platform for computation without the need of a server. It makes it simple for innovators and engineers to use it to create different products and serve a large number of users. It expands the reach of Open Finance, paving the way to web 3.0.

NEAR Protocol allows the creation of user-friendly apps that require very little to no permission. NEAR uses a user-first approach. Apps created on the network will be similar to those found on web platforms, while still ensuring security. It would be easy to add projects, and it would be easy to subscribe. Users are already familiar with the pricing and usage patterns.

In essence, developers and users will both experience seamlessness on this platform. It will be simpler to create accounts using domain names that are easily understood by all. This has eliminated the need to use Ethereum Name Service.

Developers have made it easier to create and deploy applications. They can use JavaScript and Rust software development kits. The platform’s search tool NEAR Explorer would be available to them.

2. NEAR Protocol uses shards of its Data

NEAR Protocol uses a sharding method to allow it to divide its data. This increases its scalability and allows it to run more transactions. Nightshade is the name of this approach. This allows the network’s growth to increase with the number of nodes.

Sharding allows each server to store a subset of the platform data. Due to high network traffic, it splits the computing load across nodes. These nodes manage the data processing and then add the information to the main network. As each node is responsible for a specific part of the network, this increases the security and reliability of the network.

It would also help to solve the blockchain trilemma. It has also developed dynamic re-sharding. It adjusts the number and frequency of shards dynamically according to the needs of users. This improves transaction throughput and lowers transaction costs.

Unlike other blockchains, which use this approach, all the shards are part of the main chain. It also features Doomslug. This allows validators to create blocks at random, based on their stake, once per epoch. Block creation takes about one second.

3. NEAR Protocol uses an eco-friendly consensus algorithm

NEAR Protocol uses a special proof-of stake algorithm, Thresholded Prove-of-Stake. This is different from pioneer blockchains. It makes it more decentralized by allowing the free interaction of node operators with each other. It removes the pooling power and permits ubiquitous participation by node operators. It guarantees a fair consensus.

This encourages growth because more nodes will be able join. This allows innovators and developers to make money on their projects. When a contract is created, it assigns a fee. The developer can then withdraw the contract.

Delegated tokens do not disappear if the validator is punished for malign behavior. Only the reward is lost.

4. NEAR Protocol has bridges

Blockchains increase their interoperability through the creation of links with other blockchains. NEAR Protocol provides several bridges that can be used to accomplish this. Through the Aurora bridge, it is compatible with Ethereum Virtual Machine. It makes it easy for developers to transfer their applications to NEAR, which is fast, cheap, and scalable.

It also has partnered with Terra in order to link Terra’s assets to the platform. It also has the Rainbow Bridge, which allows funds to be transferred between NEAR (Ethernet) and Ethereum. The Octopus network allows interoperability between blockchains such as Bitcoin, Polkadot and Cosmos. It would be compatible with NEAR-based tokens as well as the Inter-Blockchain Communication protocol.

These bridges increased their transaction throughput (721,061) in January 2022.

5. NEAR Protocol has an expanding ecosystem

Due its futuristic features, and its developers’ community it has seen an exponential growth in its ecosystem over the past two months. It currently ranks third in terms of developers’ platforms. It intends to bring together the creativity and expertise of its members with precise decisions and execution. It hopes to assist in the rapid improvement of its protocol through the supervision and input from the community.

It aims to be the platform that allows web 3.0 to emerge. Some of the most popular projects in the ecosystem include Paras, Mintbase and Flux protocol.

Want to know how to safely invest NEAR? Check out our comprehensive NEAR Protocol buying guide here or purchase from our recommended platform below!

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Ending Note

To invest in NEAR Protocol, you would need to purchase its native token NEAR. NEAR is used to reward validators and node operators. It can be used to fund transactions, run applications and reserve storage for applications. It can also be burned as a deflationary tool. You can stake, take part in bounties, win NEAR hackathons, manage a community, and be an active member of the community to get more NEAR.

As of today, NEAR is ranked 22, with a market cap of $8.5 billion. It costs $13. 77 right now and peaked at $20. 44 in January 2022. Out of the 1 billion total supply, 618.4 million is in circulation right now. It is currently trading on Binance and MEXC Global.

If you already see the web 3.0 world then you will not hesitate to grab some NEAR. The decision is up to you; it will ultimately be your gain or loss. This is not financial advice. Make sure you do your homework and make wise decisions.